Lesson for Week 7 Objectives: At the end of the lesson‚ you are expected to 1) Explain the basic concepts of equilibrium in your own words; 2) Summarize the importance of studying equilibrium analysis according to real world applications; 3) Compute the equilibrium prices and quantities of given equilibrium problems; 4) Distinguish a demand gap from a supply gap; 5) Plot demand and supply equations in a single Cartesian plane and highlight the occurrence of equilibrium
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cooperative multiple-input multiple-output (MIMO) wireless cognitive radio (CR) networks. In this context‚ we consider several optimal classification schemes such as support vector classifiers (SVC)‚ logistic regression (LR) and quadratic discrimination (QD) for primary user detection. It is demonstrated that these classification techniques have a significantly reduced complexity of implementation in practical CR applications compared to conventional likelihood based detection schemes as they do not require
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P2.6 Price and Total Revenue. The Portland Sea Dogs‚ the AA affiliate of the Boston Red Sox major league baseball team‚ have enjoyed a surge in popularity. During a recent home stand‚ suppose the club offered $5 off the $12 regular price of reserved seats‚ and sales spurted from 3‚200 to 5‚200 tickets per game. A. Derive the function that describes the price/output relation with price expressed as a function of quantity (tickets sold). Also express tickets sold as a function of price
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Assignment 2 Problem 3.1: QD = 317‚500 – 10‚000P (Demand) QS = 2‚500 + 7‚500P (Supply) Where Q is quantity measured in pounds of scrap aluminum and P is price in cents. Complete the following Price (1) | Quantity supply (2) | Quantity Demand (3) | Surplus (+) or shortage (-)(4) = (2) – (3) | 15¢ | 115‚000 | 167‚500 | -52‚500 (shortage) | 16 | 122‚500 | 157‚500 | -35‚000 (shortage) | 17 | 130‚000 | 147‚500 | -17‚500 (shortage) | 18 | 137‚500 | 137‚500 | 0 (Equilibrium) | 19 | 145
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Economics 201 notes Chapter 1 : First Principles • Economics is science of decision making • individual choice is the basis of economics • methodology = cost-benefit analysis • If it does not involve choice‚ it isn ’t economics. • Resources (something used to produce something else) include capital like tools and equipment‚ land like natural resources and labor • Resources are scarce • Opportunity cost are all costs that you must give up to get it. • trade-off is the
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ECONOMICS 1501 1: What economics is all about **Economics is the study of the use of scarce resources to satisfy unlimited wants** Wants – desires for goods and services - unlimited Needs – necessities‚ essential for survival‚ eg food and water. Demand – can only demand if you can afford it (purchasing power) Opportunity cost - value to the decision maker of the best option that could have been taken but wasn’t‚ eg watch a movie instead of studying for an exam Scarcity - time‚ space and
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Suppose demand and supply are given by Qd = 60 – P and Qs = P – 20. a) What are the equilibrium quantity and price in this market? b) Determine the quantity demanded‚ the quantity supplied and the magnitude of the surplus if a price floor of $50 is imposed in this market. c) Determine the quantity demanded‚ the quantity supplied and the magnitude of the shortage if a price ceiling of $32 is imposed in this market. Solution: a. For the equilibrium i) Price: Qd = Qs 60-P=P-20 => P= $40. ii)
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15 per cent. The rest belong to other soft-drink products. 2. Explain how two markets that have the same number of firms can have different levels of concentration. (a) Suppose the demand and supply curves for Yum-Yum Chocolates are as follows: QD = 200 - 5P QS = -25 + 4P (i) (ii) where P is in dollars per unit of Chocolate. 3. Sketch the demand and supply curves. What does "ceteris paribus" mean in relation to the demand curve above? (iii) In this example‚ what is the equilibrium price
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Eco550 Week 3 Chapter 5 1. The forecasting staff for the Prizer Corporation has developed a model to predict sales of its air-cushioned ride snowmobiles. The model specifies that the S vary jointly with disposable personal income Y and the population between ages 15 and 40‚Z‚ and inversely with the price of the snowmobiles P. Based on the past data‚ the best estimate of this relationship is S= K *YZ/P where k has been estimated (with the pst data) to equal 100. If Y=$11‚000‚ Z= $1‚200‚ and
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Company’s product (per pound) is $2‚ is the firm making profits or losses? Explain. a. Because the total cost equals the average cost times the output‚ the firm’s total cost function is: C=AC Q= 5Q + 6Q2 b. No‚ since total cost equals to zero when Q=0 c. If price is $2 then total revenue (R) equals 2Q. Thus‚ the firm’s profit equals: = R-C=2Q-(5Q+6Q2)=-3Q-6Q2 If Q is greater than zero‚ must be negative‚ and therefore means the firm is incurring losses. If the firm is producing nothing‚ it is
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